Authority: National Company Law Tribunal, Division Bench (Court-I) Chennai

Order Date: 22 June 2026

Case Overview

The National Company Law Tribunal (NCLT) Chennai heard an application (IA/IBC/987/CHE/2026) filed in the matter of JM Financial Asset Reconstruction Company Limited versus R R Infor Park Private Limited (Main Petition CP/IBC/930/CHE/2019). The application sought exclusion of the Corporate Insolvency Resolution Process (CIRP) timelines for the period from 11 July 2025 to 30 May 2026 (approximately 324 days).

The Tribunal noted its previous orders in this matter: on 21 March 2025, it had granted exclusion for the period from 7 March 2024 to 10 January 2025 due to an appeal pending before the NCLAT, which was ultimately dismissed on 6 January 2025. Subsequently, on 29 April 2025, the Tribunal extended the CIRP period until 10 July 2025, noting that resolution plans were under consideration by the Committee of Creditors (CoC) and there was a resolution to seek extension.

The Resolution Professional's counsel referenced minutes from the CoC meeting held on 16 February 2026 and voting results from the 28th meeting on 25 May 2026, where Agenda Item No. 4 specifically addressed seeking exclusion for the period between 10 July 2025 to 30 May 2026.

The counsel submitted that the matter is currently pending before the Supreme Court in Civil Appeal No. 3213/2025, and steps are being taken for early disposal and vacation of the interim order. The Tribunal noted that the Supreme Court, in its order dated 5 January 2026, permitted the Resolution Professional and CoC to scrutinize resolution applications and take decisions regarding plan approval during the pendency of the appeal. However, the Supreme Court explicitly barred the NCLT from considering any application filed by the Resolution Professional until further orders.

Final Outcome

The Tribunal directed the Resolution Professional to explain the current status of resolution plan approval by the CoC and to file the minutes of the CoC meeting where the agenda regarding seeking exclusion was discussed. The counsel was granted one week to submit a compliance memo in this regard. The application has been adjourned and listed for next hearing on 30 June 2026.

Topics: Insolvency Proceedings, Timeline Exclusion, Supreme Court Litigation